According to Justin Rand, head of the Loss Mitigation Department at Citimortgage, Inc. the amount paid to borrowers on short sales has risen from an average of $1,500 in 2009 to an average of $12,000 so far this year. He also indicates that the time frame in 2009 to complete this process was 120 days and is now averaging at 83 days to complete the process. “Incentives will be offered to customers with financial hardship who need funds to proceed with the short sale” according to a Citimortgage spokesman. The amount will vary according to the borrower’s individual circumstances. The increase in the payment to borrowers shows that lenders are now more motivated to complete short sales as opposed to completing a foreclosure on the properties. Read article.
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